Norway’s state-backed oil company Statoil STO -0.22% is changing its name to Equinor, part of its effort to recast itself as the world’s greenest oil company . Statoil—whose name won’t switch until a board vote in May—is in the midst of a strategic shift to renewable-energy production. It will remain an oil-and-gas giant but has pledged to increase its investment in renewable energy to between 15% and 20% of its total spending by 2030, up from 5% last year. The name change recalled BP PLC’s “Beyond Petroleum” rebranding campaign around its solar-power initiatives. But where BP’s efforts fell flat, both financially and with the public, Statoil says its strategy is timed right, as many governments push for a transition from carbon-intensive fuels like oil and coal toward natural gas and renewables. The change has the support of Statoil’s biggest shareholder, the Norwegian government. “The energy transition is happening, and […]